A look at Bitcoin's long-term chart makes a bullish case: every major cycle bottom has landed near the same Fibonacci level, and today's price is far above it.

• In 2014-2015, 2018-2019, and 2020-2021, Bitcoin bottomed right around the 0.786 Fibonacci retracement of the prior cycle's move.
• Each of those lows also lined up with the 55-month moving average, a slow long-term trend line.
• Every time, that zone turned out to be a strong long-term buying opportunity.
• For the current cycle, measured from the 2022 low to the 2025 high, that same level sits near $39,500 — and Bitcoin is trading nowhere close to it.

Outlook: With price far above the historical bottom zone, the pattern suggests the cycle low is well behind us and there's no sign of a major bottom forming near current levels.

## Bitcoin Levels

• **Bias:** Bullish
• **Buy / accumulate:** ~$39,500 (0.786 Fibonacci retracement of the 2022-2025 move) — the historical bottom zone
• **Support:** ~$39,500, aligned with the 55-month moving average